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South Florida Business Journal
Car insurance CEO pays $15.5M for Estates at Acqualina condo (Photos)
Richard Parrillo, the founder and CEO of Miami Gardens-based United Automobile Insurance Co., and wife Michaela Parrillo paid $15.49 million for a two-story condo in the Estates at Acqualina in Sunny Isles Beach.<\p> A3 North Development – an affiliate of Trump Group, led by Jules Trump – sold 901 Unit N-TS-9 in the 888 Via Acqualina tower to the Parrillos. BMO Bank provided a $7.75 million mortgage to the buyer.<\p>
Developer pays $21M for Wynwood site to build 146 condos (Photos)
Rilea Group acquired a property in Miami’s Wynwood Arts District where it plans to build a condo for $21 million.<\p> The Rider Miami LLC, managed by John Bogdasarian of Saline, Michigan-based Promanas, sold the 31,358-square-foot site at 100 N.E. 29th Street and 101 N.E. 28th Street to Wynwood Rider LLC, an affiliate of Miami-based Rilea Group. Altamar Funding 2 Lender provided the buyer with a $11.55 million mortgage that matures on June 25, 2025. The site currently has a 6,470-square-foot commercial building, but it’s mostly vacant.<\p>
New Jersey firm buys fully occupied warehouse for $26M
The Palmetto Lakes Industrial warehouse in Miami Gardens sold for $25.5 million.<\p> LEL NW 49th Associates LLC, a partnership between New York-based Lightstone Group and New York-based Mavik Capital, sold the 133,914-square-foot warehouse at 15801 N.W. 49th Ave. to Palmetto Lakes Industrial Owner LLC, part of a real estate fund by Jersey City, New Jersey-based Corebridge Financial. CBRE’s José Lobón, Trey Barry, Frank Fallon, and Royce Rose represented the seller in the deal. The price equated to $190 per square foot.<\p>
Oceanfront mansion in this town sold for a record $39M (Photos)
Debra A. Levitetz, the former wife of Purity Wholesale Grocers founder and chairman Jeffrey A. Levitetz, sold her oceanfront mansion in Gulf Stream for a record $39 million.<\p> The buyer is likely to tear the home down, according to brokers involved in the deal.<\p>
City moves forward with Live Local Act ordinance
An ordinance regarding Live Local Act projects is moving forward in Pompano Beach.<\p> At its June 26 meeting, the city's Planning and Zoning Board unanimously approved a requirement that future mixed-income residential projects include some commercial use if they're not near grocery store. The measure still needs to be approved by the City Commission.<\p>
Palm Beach County farmland could be rezoned for home community
A narrow stretch of farmland near Wellington could be rezoned to build single-family homes.<\p> Lake Worth Beach-based Lantana Farm Associates filed a large-scale land use amendment in Palm Beach County for the Reserve at Eagles Landing on May 8. It concerns the 26.2-acre site on the south side of Lantana Road, where it dead-ends south of the Thoroughbred Lake Estates community. The site is one-third of a mile west of U.S. 441.<\p>
University plans $117M student housing expansion
Florida Atlantic University is gearing up for a big expansion of student housing on its main campus in Boca Raton.<\p> FAU spokesman Joshua Glanzer confirmed the public university is looking to build 670 units in seven stories just east of Parliament Hall. Each student would get a single bedroom with a shared bathroom and kitchenette.The university is working with Coral Gables-based HKS Architects and has yet to select a general contractor.<\p>
Many managers are posting fake jobs. One reason may surprise you.
Employers are turning to fake job listings as a means of boosting staff morale in the current unsettled hiring market, but those ghost postings could have consequences. <\p> That’s according to a recent Resume Builder survey, which found 40% of 649 hiring managers surveyed have posted a fake job listing in the past year. Three in 10 responded they have an active fake-job posting. <\p>
The Salty Donut to open its 1st location in this major U.S. metro area
A Miami-based doughnut and coffee chain that started out of a camper and has since grown to 19 locations across five states will soon plant its flag in Greater Washington.<\p> The Salty Donut, or The Salty for short, has filed permits to build out space at Edens’ Mosaic District in Fairfax County, where it will replace the Loyal Companion pet grooming and food shop that closed in early 2023, along with all other Loyal Companion stores. <\p>
Toll Brothers proposes 152 homes on shuttered golf course
The shuttered Cypress Creek Golf Course west of Boynton Beach could be developed into single-family homes by Toll Brothers (NYSE: TOL).<\p> The Palm Beach County Zoning Commission will consider plans for the 122.6-acre site at 9302 and 9400 S. Military Trail on July 2. The golf course there has been closed since 2018 and is owned by True Shot LLC, managed by William Marcacci. According to the application, the property is under contract to Fort Washington, Pennsylvania-based Toll Brothers. <\p>
Insightec raises $150 million for incisionless brain surgery platform
As the co-founder of Mako Surgical, Dr. Maurice Ferré has already built a billion-dollar medical device business. <\p> Ferré aims to do it again as the CEO of Insightec. But this time, he hopes the work will define his legacy. <\p>
Canadian airline introduces new flights from South Florida
Porter Airlines is expanding its presence throughout South Florida in response to strong demand. <\p> The low-cost Canadian carrier announced it will operate one daily roundtrip flight between Palm Beach International Airport and Toronto Pearson International Airport starting on Nov. 14.<\p>
Owner of ex-Best Buy space files for bankruptcy to stop foreclosure
The owner of a Pinecrest retail building that previously housed a Best Buy store filed Chapter 11 reorganization to halt a foreclosure lawsuit and continue litigation against its former tenant.<\p> Miami-based Maria Investments filed a Chapter 11 petition in U.S. Bankruptcy Court in Miami on June 20. The petition was signed by Azhar Said as president and owner of the company.<\p>
Inno Fire touts winning enterprises
If you’re like me, then you consider yourself lucky to live in a region that thousands of people clamor to visit annually.<\p> But you likely also feel fortunate to be part of such a vibrant and robust business community where so many companies prosper.<\p>
Chewy buys $500 million of stock from its largest shareholder
Pet supply retailer Chewy (NYSE: CHWY) repurchased $500 million from private equity firm BC Partners, its largest shareholder. <\p> Plantation-based Chewy agreed to buy back 17.55 million shares of Class A common stock at a price of $28.49 per share, according to a U.S. Securities and Exchange Commission filing. The deal reduces the ownership position of BC Partners. <\p>
Lennar affiliate sells apartments to KKR for $2.1 billion
New York-based investment firm KKR announced that it purchased a portfolio of apartment buildings constructed by Quarterra Multifamily, an affiliate of Miami-based Lennar Corp. (NYSE: LEN) for $2.1 billion.<\p> The deal covers over 5,200 units across 18 “Class A” projects in California, Washington, Florida, Texas, Georgia and North Carolina, Colorado and New Jersey. KKR didn’t list the individual buildings.<\p>
CEO, venture capital exec sell waterfront mansion for $32M (Photos)
Kevin Segalla, the founder and CEO of New York-based mobile gaming company Tilting Point, and his wife Michele Segalla, a managing partner at Stamford, Connecticut-based venture capital firm CFC Capital, sold their waterfront mansion in Miami Beach for $31.86 million.<\p> The couple sold their 7,818-square-foot homestead residence at 320 S. Hibiscus Drive to Sun Hills LLC. The buyer is a Delaware-registered company, so it’s not clear who manages it. Jill Hertzberg, Danny Hertzberg and Jill Eber of the Jills Zeder Group at Coldwell Banker Realty brokered the deal. The price equated to $4,075.<\p>
Hooters restaurant in this city shutters amid nationwide closures
Hooters has closed one South Florida restaurant, four in the state and dozens more across the country. <\p> The Atlanta-based restaurant chain known for its wings and waitresses in low-cut tank tops has abruptly closed more than 40 poor-performing locations, according to reports. In Florida, it no longer lists its restaurants in West Palm Beach, Gainesville, Lakeland and Orange Park on its website. <\p>
Developer obtains $77M loan for Miami Wynwood project
A real estate development company with offices in Miami and Nassau, Bahamas, closed on a $76.81 million loan to build a mixed-use development in Miami's Overtown and Wynwood areas. <\p> More Development announced it obtained the multimillion dollar mortgage from JP Morgan Chase for the creation of SoWy, an eight-acre campus along N.W. 2nd Avenue between N.W. 20th and N.W. 22nd streets that will include residential and commercial uses. <\p>
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